Maersk Profit Plunges as Oil, Container Units Both Suffer
Shipping Industry Sounding the Alarm on Global Growth
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A.P. Moeller-Maersk A/S reported an 84 percent plunge in 2015 profit after its oil unit was hit by and its container division got squeezed between sluggish trade growth and overcapacity. The shares fell the most in almost a year.
Maersk said net income was $791 million last year compared with $5.02 billion in 2014. That compares with a median estimate of $3.7 billion in a Bloomberg survey of 16 analysts. The result includes a writedown in the value of Maersk’s oil assets by $2.6 billion, the Copenhagen-based company said.